By Chibuzor Alli
Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is seeking Chinese investment in the country’s oil and gas industry as part of efforts to increase petroleum revenues accruing to the Federation Account.
The commission is working with government agencies to organise an oil and gas investment summit in China, tentatively scheduled for the end of November 2026.
The summit is expected to showcase investment opportunities across Nigeria’s upstream and downstream petroleum sectors, with particular emphasis on the country’s gas reserves.
RMAFC disclosed this in a statement issued on Monday by its Head of Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement with stakeholders in the petroleum sector.
The engagement was led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.
The statement read, “The Revenue Mobilisation Allocation and Fiscal Commission has commenced engagements with key stakeholders in the oil and gas sector as part of efforts to attract increased investment into Nigeria’s oil and gas industry to boost revenue accruing to the Federation Account.
“The engagement, led by the Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe, is aimed at briefing relevant government agencies on plans to organise an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.”
Enefe said the initiative was part of efforts to attract investment into the petroleum industry and increase revenues available for distribution among the three tiers of government.
“We looked at the opportunities in the gas sector of the economy and felt that we need to intervene, especially in bringing investors to the sector, both upstream and downstream,” he said.
He said the Investment Monitoring Committee was responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that Nigeria received the appropriate revenues and accruals from the sector.
According to Enefe, the committee had recorded progress in monitoring the industry, including efforts that resulted in revenue recoveries and penalties against defaulting oil companies.
Some of the interventions, RMAFC said, were linked to obligations imposed on operators under the Petroleum Industry Act, including provisions concerning gas flaring.
Enefe said the commission had identified significant investment opportunities in Nigeria’s gas industry and believed that attracting capital into upstream production and downstream activities could help the country derive greater value from its natural resources.
RMAFC has begun discussions with institutions responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.
The commission has also briefed the Presidency and consulted other government agencies ahead of the proposed summit.
Explaining the choice of China as the venue, Enefe said the country was selected because of its significant position in global energy and investment.
The commission said it had also consulted Nigerian diplomatic officials in Beijing, including the Nigerian ambassador and other stakeholders, who expressed support for the initiative.
As part of preparations, RMAFC is scheduled to hold a stakeholder breakfast meeting on Wednesday, 9 September, at the Transcorp Hilton in Abuja.
The meeting is expected to bring together ministries, departments and agencies involved in the oil and gas and investment sectors to discuss the proposed summit and make recommendations on its organisation.
Enefe also asked participating ministries and agencies to nominate representatives to a planning committee responsible for coordinating preparations for the China summit.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the initiative, saying Nigeria needed to aggressively showcase investment opportunities in its petroleum industry to attract capital and support economic development.
He stressed the need for coordinated implementation of presidential executive orders and provisions of the Petroleum Industry Act by government institutions.
Ekpo identified Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity to drive industrial and economic growth, strengthen the regional energy market and improve the country’s position in the global energy industry.
“The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” the minister said.
He assured RMAFC that the Ministry of Petroleum Resources would work with the commission and other relevant agencies to ensure the proposed summit achieved its objectives.
Ekpo also said the ministry would nominate a representative to the summit’s planning committee.
The minister expressed optimism that the initiative could attract new investment into the oil and gas sector and increase government revenue.
Nigeria has intensified efforts to attract capital into its oil and gas industry, particularly the gas sector, as the government seeks to increase production, improve domestic energy supply and generate additional foreign exchange and fiscal revenue.
Gas has also become a major component of the Federal Government’s energy transition and industrialisation strategy, requiring investment in exploration, processing, pipelines, liquefied natural gas and other infrastructure needed to commercialise the country’s reserves.
For RMAFC, increased investment in the petroleum industry is significant because oil and gas earnings remain an important source of revenue flowing into the Federation Account, from which funds are distributed monthly to the Federal Government, states and local governments.
The commission said the proposed summit formed part of its wider effort to strengthen inter-agency cooperation, promote investment in strategic sectors and ensure that Nigeria derives greater revenue from its natural resources.
Also present at the engagement were the RMAFC Federal Commissioner representing Kogi State, Abdulazeez King, and the Director of the Gas and Investment Department, Zainab Adamu.
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